Social security

Social security

Introduction

Social security basically refers to old age, survivors and a disability insurance federal program. In United States, many years ago the social security act was introduced for the welfare of their citizens. Since the inception of the social security act, many amendments have been made to the social security act. The social security act consists of several social welfare programs which are very beneficial for individuals. It also comprises of many social insurance programs which have been introduced for the well being of people in the society. The federal insurance contributions act is responsible for providing funds to the social security through payroll taxes. The social security is overlooked and monitored by the social security administration

The paper will highlight the importance of social security and the various types of benefits available in the social security. The paper will also illustrate the various benefits that social security provides and the recent statistics, followed by a conclusion with all the findings.

Importance and benefits of social security

The social security is referred to the programs which have been devised by the government of United States to encourage and promote the welfare and wellbeing of people living in the society. The social security ensures that people are receiving access to many sufficient resources such as food, shelter and clothing. It also works to promote health of the people all across the region. It is quite evident that mostly social security meets the needs of children, older people and sick people. The services which are provided by the social security are referred to as social services. In United States social security consists of many welfare programs which are basically designed for the retired citizens and disabled people living in the society. The social security with the help of its services provides security to the population and ensures that they are free from all kinds of insecurities such as poverty, diseases etc. the social security program of United States is considered as one of the largest program in the world and also the greatest expenditure. It is stated with the help of social security; more than 45 percent of Americans are saved from poverty and other insecurities.

The social security is very essential and holds a very significant position in every citizen life. Moreover, the importance also depends on the type of benefits received by the social security. For instance, there are more than seventy four percent white people which completely depend on retirement benefits of the social security. On the other hand, forty three percent of African Americans receive benefits from the social security. There are only twenty six percent of white people which receive disability benefits from the social security and survivor benefits. Whereas there are forty five percent African Americans do depend on disability benefits under the social security. It has been observed that due to higher poverty in the minorities, there is disparity in the system

There are various kinds of social security benefits which are provided to many citizens in ...